In my opinion, regulation can only be a good thing for the Crypto Industry. More and more governments are looking into ways to regulate this industry.
The South Korean Financial Services Commission is finalizing its proposals to regulate cryptocurrency exchanges. This follows an earlier “Bitcoin Regulation Act” submitted by lawmaker Park Yong-jin. Meanwhile, the prime minister is very concerned about the growth and risks of cryptocurrencies including bitcoin and has called for immediate action.
The South Korean government just announced they are looking to regulate. You can read the full story here
Is regulation good or bad?
As I mentioned earlier, regulating the industry will be a good thing in the long run, with the most important aspect being mass adoption. Everybody on Steemit is really early adopters of the new technology and this will count in all our favours in the long run. For me regulation means mass adoption, as more and more people will feel more comfortable to invest their money in Crypto Currencies. And we all know that when more money comes into crypto, the prices of everything usually goes up.
I do not believe that regulation will mean that we all have to declare exactly how much Bitcoins we each own. Just as nobody needs to know exactly how much money you have in your bank account.
Money Laundering
We live in a sick world and there is real problems with terrorism and money laundering. Just yesterday there was a lot of discussion in Washington around potential threats of using Crypto Currency to launder money. Well, this is NOT what this technology has been built for.
Dodgy ICO's
A lot of people is taking advantage of the fact that ICO's is not regulated and an easy way to scam people out of a lot of money. This is giving the industry a bad name and has to stop.
Image Credit
I say regulation will in the end be a good thing for crypto..
What is your opinion around this?
Happy Steeming and a happy $10K day to you all!
Regulation goes completely against the core of crypto which is decentralization.
Governments should stay focused on their own fiat currency, most of these governments are heavily in debt with trillions in unfunded liabilities.
Crypto is a great hedge against them.
Regulation is also impossible especially with anon coins like Monero
It is impossible for them to regulate the coin but the platforms and systems that support the coin can and should be regulated to a certain extent. We need to weed out activities like pump and dumps. Not mention bad ICOs
It is a bad thing, government can’t regulate the free market, the only thing they want is the power to control people and if it is all encrypted they can’t.
Yes some regulation is oppressive, but a lot of it is actually a very good thing it will remove some elements of fraud especially when it comes to exchanges and ICOs @fedesox
Some light touch regulation may be a good thing, but ignorant over regulation is bad. See my full argument at https://steemit.com/crypto/@apshamilton/time-for-crypto-industry-to-push-back-against-regulatory-overreach
I think regulation is necessary for the crypto world. Regulation will bring more investors because they'll believe it's safer and more secure. It will also get rid of a lot of scam ICOs. I just hope there isn't too much
Exactly more investors will lead to mass scale adaption of cryptocurrencies.
How are they going to regulate it and is it possible?
I read somewhere that the IRS bought software that monitors Bitcoin transactions. Since Bitcoin is the most popular, I'm pretty sure that will be the target for regulation.
Yes they really want to tax it, that is why I love anon coins and decentralized exchanges.
I think to make this globally acceptable and fraud free Regulation of Crypto Industry is good .
It is a NO!!! for me
Why should cryptocurrency be regulated?
Oh common..With regulation, the aim of cryptocurrency will be defeated and government might hijack it in a later stage.
A more competent internet security should be utilized by crypto and blockchain vendors to optimize users safety.
I'm pretty sure the US already made some regulations regarding bitcoins. The result was many US based bitcoin companies or exchanges were basically forced to go off shore. After that I practically stopped following the topic, as that also brought a lot more money into the scene and the regulations didn't affect me, even though i disagreed with it. As some said, the regulation can be inviting to future investors. I also agree that it defeats the purpose of decentralization, but maybe this is a learning experience for all of us, when you consider all the scamcoins and scam ICO's that have come and gone over the years that maybe 100% decentralization isn't always a good thing. Regardless, 100% regulation is an absolutely terrifying idea. I guess there has to be a happy medium, and I believe the technology of bitcoin will only allow for so much regulation. After all, it's decentralized. I still believe in decentralization, however back when I started, it felt like the wild wild west of the internet. Now it's gotten much better. I think regulation will only make it better, especially if and when over-regulation produces worse results where they'll be forced to backtrack on their decision. Regardless, it's going to be an interesting show moving forward. Has been since day 1.
Hey @jacor I also said that it was really globally accepted and I think to make this globally acceptable and fraud free Regulation of Crypto Industry is good I appreciate your post 👌👍
Regulations will help to legitimize cryptos and move things forward.
We don't see the actual problem here. We all support decentralization and bitcoin, but we are the ones who elected the people who will regulate (or try to) cryptocurrencies. Bitcoin regulation is needed, for it is being misused, If the governments tries find a way to use the technology with harmony with the current economy, I will support it.
I beginner in crypto... thanks for sharing @jacor...
It make sense to remove the fraud happening in the name of Crypto currency. Multiple companies fooling people on the name of Crypto currencies in India and selling MLM schemes.
It's great to be living in Malaysia :D well hopefully more good news than bad... so far so good :D
It is a senseless thing. Countries cannot regulate a decentalized market. It is impossible. The more they try to do it, the worse it gets for them. In another 6 months, I am guessing, there are going to be few more decentralized exchanges....once the exchanges are all decentralized.
As for mainstream adoption, the only thing holding people back is that cyrpto is still a bit complicated to use and a rather unsecure. The industry needs to solve those problems before it will reach mainstream, which I believe it will.
Every country will regulate how Bitcoin is handled in their country. They cannot regulate Bitcoin or blockchain concepts. They might try to open their own blockchain system but will fail.
decentralized money should be regulated by us. it's about us, not them. that's the whole point of crypto
Greetings @jacor, good publication, very interesting. I wait for your comments in my publications to be able to improve and do quality things. Thank you.
Cryptocurrencys are all about no regulations ... I mean it is a clear answer
Governments fear blockchain and cryptocurrencies because atomic swaps makes fiat currencies obsolete. Regulations are only props used by centralized entities.
Regulation should be done to avoid crimes only.
this would be the worst step as far i know
Great post on regulating the crypto industry is good or bad, keep sharing info related crypto.
Here is the effective way to earn free tokens.
Recently i have earned free Tokens. Follow this link and Earn Free Tokens
Venture Capital Working Group met on March 28 and is asking the U.S. SEC to consider a safe harbor where some cryptocurrencies are considers a safe from securities regulations given their structure and manner of formation.
Read detail info here:
Venture Capital Working Group Approaches Sec for Crypto Regulations
Arguably the 1st amendment makes the whole ocean a "safe harbor"! It is an infringment on free speech to regulate at all.